Luminance, a UK-based developer of artificial intelligence (AI) software for the legal profession, has closed a $10m series A round featuring law firm Slaughter and May that valued it at $50m.
Venture capital firm Talis Capital led the round with participation from technology investment and advisory firm Invoke Capital. The funding will be used to meet global demand and support Luminance’s North American office, which recently opened in Chicago.
Luminance has developed an AI platform to assist legal professionals with contract and document review processes.
The software requires no setup or specific instructions and can be used to review documents for due diligence, compliance, insurance or contract management, flagging up any significant information or anomalies.
Slaughter and May already had a 5% equity stake in Luminance which it acquired when it began working with the company in September 2016, according to Legal IT Insider.
Invoke Capital invested $3m in Lumimance the same month, before Talis Capital subsequently provided an undisclosed amount in December 2016.
Sally Wokes, a partner at Slaughter and May, said: “Slaughter and May has worked closely with the Luminance team since the product’s inception. The knowledge we have gained through piloting, testing and using the software on live transactions gives us real confidence in what we consider to be a highly differentiated due diligence tool.
“Our decision to invest in this latest funding round reflects our belief in Luminance and our commitment to harnessing innovation for the benefit of our clients.”